Staff members for the $140 billion CalPERS are recommending a search for general pension consultants. Wilshire Associates and Pension Consulting Alliance are the Sacramento fund's current general pension consultants, but their contracts are up in July 1, 1999. Staff members want to test the market for consulting services. They are also recommending a pool of acceptable consultants be established that can be called on for special projects, and act as consultants-in-waiting should the fund terminate one of its general pension consultants.
Staff members said they also want a consultant in place by July 1999 so they are able to deal with any year 2000 computer problems. They are expected to ask the CalPERS investment committee Monday to issue the RFP in August; proposals would be due back in November, with a final selection slated for March 1999. Wilshire and PCA are expected to compete if the RFP is approved.